Included in your package are the following forms:
1. A Painting Contract - Cost Plus or Fixed Fee
2. A Construction Project Information Sheet
3. A Change Order Sheet
4. A Certificate of Completion
5. A Weekly Equipment Summary
6. A Final Project Punch List
7. A Worker Safety and Health Plan
8. An Accident Report Form
9. A Customer Satisfaction Survey and
10. A Company Evaluation by Customer.
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The first step you should take with a Contractor With Target is to verify that it is the most recent version, as this determines its submitability.
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Under a lump sum contract, also known as a stipulated sum contract, the project owner provides explicit specifications for the work, and the contractor provides a fixed price for the project.
The Target Price Target Price Contracts are based on a cost reimbursable mechanism in which the contractor is reimbursed his costs (on an actual cost basis) subject to the application at the end of the project of a formula which allows the contractor to share any savings made and to contribute towards overspend.
When to Use This Type of Contract A lump-sum contract is a great contract agreement to be used if the requested work is well-defined and construction drawings are completed. The lump-sum agreement will reduce owner risk, and the contractor has greater control over profit expectations.
Disadvantages of a Lump Sum Construction ContractA lump sum agreement presents a higher risk to a contractor. Measuring the number of changes is difficult. Such contracts require paperwork and records of change orders from each phase, and this means further documentation is needed.
Cost plus percentage of cost is a method contractors often use to price services. This type of contract specifies that the buyer must pay all the project costs incurred by the seller, plus an additional amount for profit.
